Trading firm enters enforceable undertaking with ASIC

By Neil Griffiths
 — 1 minute read

Life Trading has been forced to pay a penalty fee of $200,000 and entered into an enforceable agreement with ASIC to comply with an infringement notice given by the MDP.

In a statement issued by ASIC on Tuesday, the MDP found that the trading firm “did not have appropriate supervisory policies and procedures from the time it became a market participant on 28 January 2019 until 4 June 2020”.

Life Trading’s framework for the supervision of traders was “under-resourced, uncoordinated and undocumented” in that period.


The MDP also found that Life Trading had minimal commitment to ensuring appropriate supervisory framework was implemented and a lack of proactive engagement to supervisory compliance.

The MDP noted that Life Trading has “gradually” made improvements, however still remained concerned about the noted issues.


The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!


Trading firm enters enforceable undertaking with ASIC
ID logo


related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.